Here is How High Shiba Inu Could Reach If It Follows Bitcoin and BTC Soars to $500K

Shiba Inu could spike to unprecedented levels if it closely follows Bitcoin as the leading asset climbs to $500,000. 

Bitcoin remains the leader of the crypto market and its performance influences the price actions of altcoins like Shiba Inu (SHIB). 

Whenever the price of BTC soars, SHIB usually experiences a similar upsurge and sometimes outperforms it. Similarly, a decline in Bitcoin’s price hurts the performance of other tokens, such as SHIB.

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Over the past month, SHIB has exhibited a 89% correlation with BTC. However, the 60-day correlation matrix between the two assets stands at 71%. 

Bitcoin to $500K Predictions 

Based on the strong correlation between the assets, Shiba Inu is expected to see significant gains should Bitcoin rally to the ambitious $500,000 target.

The $500,000 Bitcoin price prediction has gained momentum recently. Industry leaders such as Cardano Founder Charles Hoskinson have forecasted BTC’s surge to that level. 

In May, Geoffrey Kendrick of Standard Chartered predicted that Bitcoin would reach $500,000 by 2028. Kendrick’s projection was influenced by the government’s increased stake in Bitcoin treasury company MicroStrategy and strong institutional demand for the premier asset. 

For context, Bitcoin is currently trading at $115,832, with a market cap of $2.3 trillion. Hitting the $500,000 target demands a surge of 331% from the current price. If this happens, Bitcoin’s market cap would rally to $10 trillion with a supply of 20 million. 

Shiba Inu Price If It Follows Bitcoin Growth Rate to $500K 

Given Shiba Inu’s high correlation with Bitcoin, the doggy-themed token might also experience a significant spike if BTC hits the $500,000 target. Currently, Shiba Inu is trading at $0.00001343 per token, representing an 11.47% decline over the past seven days. 

If Shiba Inu mirrors Bitcoin’s potential 331% rally to $500,000, SHIB could climb to roughly $0.00005788. This estimated price translates to a market capitalization of $34.1 billion.

While the growth may not be particularly significant compared to Shiba Inu’s historical performance, investors can still expect substantial gains if it materializes. 

For instance, an investment of $10,000, equivalent to 744.6 million SHIB tokens at the current price, could be worth roughly $43,100 if SHIB reaches the $0.00005788 target. 

Can SHIB Hit $0.00005788?

Notably, the $0.00005788 target is not new to Shiba Inu. The coin had achieved the milestone in the 2020/2021 market cycle and even surpassed it to $0.00008845.

However, Shiba Inu has struggled to revisit the $0.00005 territory since 2022. Nonetheless, Telegaon predicted that Shiba Inu will clinch the $0.00005788 price target this year, projecting a rise to a maximum target of $0.00005728. 

Notably, experts at Changelly predict that SHIB will not reach its target until April 2028. In that month, Changelly predicted that Shiba Inu would reach a maximum target of $0.0000580. 

Meanwhile, several crypto analysts, including Himanshu Maradiya of CIFDAQ Blockchain Ecosystem, believe that Shiba Inu will not only reach $0.00005788 this year but will surpass it and aim for ambitious targets above $0.0001. 

Can SHIB Price Soar Even Higher?

This article aims to illustrate the potential value of Shiba Inu if it were to match Bitcoin’s growth rate and the premier asset reaches a price of $500,000. However, it undermines SHIB’s growth prospects as the token usually outperforms Bitcoin’s gains during a strong bull run. 

For instance, during the 2020/2021 cycle, while Bitcoin surged by 700%, SHIB’s price increased by several million percent, as The Crypto Basic reported.